Nairobi is set to host the African Development Bank’s (AfDB’s) 59th Annual Meeting in 2024.

This is after Treasury and National Planning Cabinet Secretary Njuguna Ndung’u, the current chair of the Bank Group’s Board of Governors, signed the memorandum on behalf of Kenya.

The country will also host the 50th meeting of the African Development Fund, the Group’s concessional arm for low-income countries.

 AfDB’s board of governors and management will review the organization’s activities over the previous year and adopt resolutions on key decisions to advance Africa’s development agenda.

The 2024 meetings will also allow leaders to discuss progress issues in Africa’s socioeconomic development.

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Similarly, AfDB’s Secretary General, Vincent O. Nmehielle, signed on behalf of the institution.

Njuguna noted that about 4,000 participants representing the Bank Group’s Governors, Executive Directors, development partners, academic institutions, civil society, public and private sectors, and management and staff of the Bank are expected to attend the Meetings.

“The Government of Kenya is fully committed and dedicated in supporting the African Development Bank’s vision and strategy, and specifically in the preparation of the 2024 Annual Meetings,” he said.

Nmehielle said the signing of the memorandum sets the stage for planning for the event.

He noted that the value of the Bank’s portfolio in Kenya has increased from $2.88 billion in 2018 to $3.95 billion by September 2023, representing a 37.2 percent growth over the last five years.

Kenya, a founding member of the Bank Group, has benefited from the Bank’s investments since 1964.

As of September 30, 2023, Bank’s ongoing portfolio in the country stood around $3.98 billion.